PDD Holdings Inc
NASDAQ:PDD

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PDD Holdings Inc
NASDAQ:PDD
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Price: 116.82 USD -0.32% Market Closed
Market Cap: 165.8B USD

PDD Holdings Inc
Investor Relations

Pinduoduo Inc., founded in 2015 by former Google engineer Colin Huang, quickly rose to prominence within China's hyper-competitive e-commerce market by pioneering a unique social commerce model. Instead of the traditional solitary shopping experience, Pinduoduo transformed online shopping into a social activity where users embarked on digital adventures together. Leveraging the power of group buying, it incentivized users to form teams to purchase items at significantly reduced prices. This innovative approach was driven by a platform seamlessly integrated with social networks like WeChat, creating a vibrant community of deal-seekers engaged in gamified experiences. Such a model thrived on the synergy between collective buying power and social interaction, fueling the platform's meteoric growth and extensive user engagement.

Pinduoduo generates revenue primarily through transactions on its platform, much like its more established e-commerce rivals. The crux of its business strategy involves collecting merchant fees, which include commissions and advertisement fees from vendors seeking increased visibility among the vast Pinduoduo user base. By attracting a wide array of merchants with lower entry barriers and significant consumer data insight, the company has cultivated a diverse marketplace teeming with competitively priced products. Additionally, the platform's monetization through advertising has been instrumental in generating income, as sellers vie to highlight their offerings to the expansive audience. This enticing combination of social shopping and monetization prowess underpins Pinduoduo's compelling market position and dynamic growth trajectory in the world of e-commerce.

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Last Earnings Call
Fiscal Period
Q3 2025
Call Date
Nov 18, 2025
AI Summary
Q3 2025

Revenue Growth: PDD Holdings reported Q3 2025 revenue of RMB 108.3 billion, up 9% year-over-year, but acknowledged revenue growth remains under pressure.

Profitability Fluctuations: Operating profit grew low single digits, with management warning of continued fluctuations in profitability due to ongoing heavy investments and fierce competition.

Heavy Ecosystem Investment: The company is significantly increasing investments in merchant support through programs like the $10 billion fee reduction and $100 billion support initiatives, aiming for long-term ecosystem health over short-term profits.

Competitive Landscape: Management highlighted intensifying competition in China's e-commerce sector, with major rivals also ramping up investments and launching new business models.

Global Regulatory Risks: PDD's global business faces heightened regulatory scrutiny and evolving compliance requirements, which could bring unpredictable financial risks.

Agriculture & Supply Chain Focus: Strong investment in agriculture and supply chain initiatives led to 47% YoY growth in agriculture sales in H1 2025 and a notable increase in agricultural merchants.

Key Financials
Revenue
RMB 108.3 billion
Revenue from Online Marketing Services and Others
RMB 53.3 billion
Revenue from Transaction Services
RMB 54.9 billion
Cost of Revenues
RMB 46.8 billion
Total Operating Expenses
RMB 36.4 billion
Sales and Marketing Expenses
RMB 29.8 billion
General and Administrative Expenses
RMB 896 million
Research and Development Expenses
RMB 4.3 billion
Operating Profit
RMB 25 billion
Non-GAAP Operating Profit
RMB 27.1 billion
Non-GAAP Operating Profit Margin
25%
Net Income Attributable to Ordinary Shareholders
RMB 29.3 billion
Basic Earnings Per ADS
RMB 20.96
Diluted Earnings Per ADS
RMB 19.7
Non-GAAP Net Income Attributable to Ordinary Shareholders
RMB 31.4 billion
Non-GAAP Diluted Earnings Per ADS
RMB 21.08
Net Cash Generated from Operating Activities
RMB 45.7 billion
Cash, Cash Equivalents and Short-term Investments
RMB 423.8 billion
Agriculture Sales Growth (H1 2025)
up 47% year-over-year
Increase in Agricultural Merchants (first half 2025)
notable increase over 30% year-over-year
Earnings Call Recording
Other Earnings Calls

Management

Mr. Lei Chen
General Counsel, Co-CEO & Chairman

Lei Chen was a prominent figure at Pinduoduo Inc., a major Chinese e-commerce platform known for its innovative approach to online shopping by combining social media with traditional e-commerce. He joined Pinduoduo in 2016 and played a crucial role in the company's technological development and strategic direction. Before his involvement with Pinduoduo, Lei Chen had an impressive background in engineering and technology. He earned his bachelor's degree in computer science from Tsinghua University, one of China's most prestigious universities. He later pursued further studies in the United States, obtaining a Ph.D. in computer science from the University of Wisconsin-Madison. Lei Chen's career prior to Pinduoduo includes significant contributions to the tech industry. He worked at Google, where he gained substantial experience in handling large-scale data and cloud computing, skills that would prove invaluable in his later role at Pinduoduo. During his tenure as CEO of Pinduoduo, Lei Chen focused on expanding the platform's reach while enhancing its user experience through technological innovation. Under his leadership, Pinduoduo rapidly grew to become one of China's largest e-commerce platforms, with a unique business model that leverages group buying and social sharing. In 2021, he stepped down as CEO but continued to contribute to the company as Chairman of the Board. His leadership and vision were instrumental in shaping Pinduoduo's strategies and growth trajectory.

Mr. Jiazhen Zhao
Co-CEO & Executive Director

Jiazhen Zhao is known for his association with Pinduoduo Inc., a prominent Chinese e-commerce platform. Previously, he served as the Chief Technology Officer (CTO) at Pinduoduo. In this capacity, Zhao played a critical role in overseeing the technological development and innovation that has supported the rapid growth of the platform. His background is deeply rooted in technology and engineering, contributing significantly to Pinduoduo’s competitive edge in the market through advancements in big data, artificial intelligence, and cloud computing. Zhao's leadership has been instrumental in enhancing user experience and operational efficiency at the company. Before joining Pinduoduo, Jiazhen Zhao had experience in other technology-oriented roles, which equipped him with the skills necessary to drive Pinduoduo's tech strategy. His work at Pinduoduo has been a part of the broader effort that cemented the company’s position as a leading technology-driven commerce platform in China. Details about his educational background and previous positions might not be widely available, but his influence at Pinduoduo highlights his proficiency in managing large-scale technological ecosystems.

Ms. Jun Liu
Vice President of Finance

Ms. Jun Liu is a prominent executive associated with Pinduoduo Inc., a major Chinese e-commerce platform known for its innovative group buying model. Joining Pinduoduo in its formative years, Ms. Liu has played a significant role in the company's rapid growth and strategic direction. She has been involved in various aspects of Pinduoduo's operations, contributing to its development in areas such as marketing, operations management, and strategic planning. Her expertise in the e-commerce industry and her leadership skills have been integral to Pinduoduo's success in a highly competitive market. Under her influence, Pinduoduo has expanded its user base and developed a unique social commerce experience that distinguishes it from other major platforms.

Mr. Junyun Xiao
Senior Vice President of Operation

Junyun Xiao is recognized for his role as the Chief Technology Officer (CTO) of Pinduoduo Inc., a significant position within one of China's leading e-commerce platforms. As CTO, Junyun Xiao is responsible for overseeing the technological advancements and innovations that power the company's platform. His work involves enhancing user experience, improving data analytics, and ensuring the technological infrastructure can support the rapid growth and dynamic nature of Pinduoduo's business model. With a strong background in technology and development, Xiao plays a crucial role in guiding Pinduoduo's tech strategy to maintain its competitive edge in the fast-evolving e-commerce market. His contributions are pivotal in helping Pinduoduo leverage technology to connect consumers with a wide range of products through a unique, interactive shopping experience.

Xin Yi Lim
Investor Relations Officers

Xin Yi Lim is a recognized executive in the technology and e-commerce sectors, known for her role at Pinduoduo Inc. She has contributed significantly to the company's strategic initiatives, especially in areas related to growth and expansion. Lim is noted for her expertise in business development and her ability to drive innovation within the organization. She has played a key role in optimizing Pinduoduo's platform and enhancing user engagement through strategic partnerships and innovative solutions. Her work has been instrumental in positioning Pinduoduo as a major player in the competitive e-commerce market.

Mr. Nick Shu C.F.A.
Director of Corporate Development & IR

Nick Shu, CFA (Chartered Financial Analyst), has been associated with Pinduoduo Inc., a renowned Chinese e-commerce platform known for its unique social commerce approach. While specific details about his biography might be limited, professionals with a CFA designation like Nick Shu typically have a strong background in financial analysis, investment management, and strategic planning. In roles at companies like Pinduoduo, individuals with such qualifications often contribute significantly to financial strategy, investor relations, and overall corporate financial health. They are instrumental in ensuring the company navigates the complexities of market trends, financial risks, and opportunities for growth. Nick Shu's expertise would likely encompass these areas, contributing to Pinduoduo's financial operations and strategic initiatives. Given the executive nature of his role, he would also participate in managing key financial metrics, possibly involved in financial reporting, forecasting, and advising on mergers, acquisitions, or other strategic investments.

Mr. Zhenwei Zheng
Senior Vice President of Product Development

Zhenwei Zheng is recognized as an influential executive in the tech industry, particularly through his work with Pinduoduo Inc., a leading e-commerce platform in China known for its innovative social commerce model. As a key figure at Pinduoduo, Zhenwei Zheng has played a significant role in driving the company’s growth and technological advancements. His responsibilities likely include overseeing various aspects of the company's operations and strategies, particularly in the areas of technology and product development. His expertise in these areas has been crucial in helping Pinduoduo maintain its competitive edge in the rapidly evolving e-commerce landscape. Under Zheng's leadership, Pinduoduo has focused on enhancing user experience and expanding its platform capabilities, which has contributed to the company's success in attracting a broad consumer base and increasing its market penetration. His contribution reflects a commitment to innovation and efficiency, essential components in Pinduoduo's mission to create a unique and engaging shopping experience for its users. Zhenwei Zheng’s work continues to be instrumental in shaping the trajectory and success of Pinduoduo in the competitive e-commerce industry.

David Liu
Vice President of Strategy

David Liu is a notable figure associated with Pinduoduo Inc., which is a prominent Chinese e-commerce platform. He joined Pinduoduo with a wealth of experience in finance and investment. Before his role at Pinduoduo, David Liu held several positions in the financial sector, including senior roles in investment banking at reputable institutions like Morgan Stanley. At Pinduoduo, he has been involved in strategic planning and corporate development, contributing to the company's rapid growth and success in the competitive e-commerce landscape. His expertise has helped Pinduoduo enhance its market position by innovating and expanding its business model to meet the diverse needs of consumers in China.

Peng Cheng
IR Director

Peng Cheng is a prominent figure associated with Pinduoduo Inc, one of China's leading e-commerce platforms. He is known for his role as the Chief Technology Officer (CTO) of the company. Peng Cheng holds a pivotal position in overseeing the technological development and innovation at Pinduoduo. Before joining Pinduoduo, Peng Cheng accumulated a wealth of experience in the tech industry. He has been involved in various capacities that emphasize technological advancement and strategic development. As CTO, his responsibilities include leading the company's tech initiatives, enhancing platform efficiency, and driving improvements in user experience through technology. Pinduoduo, founded in 2015, has rapidly grown to become a major player in the Chinese e-commerce market, leveraging a unique social commerce model that encourages group buying. Under Peng Cheng's technical leadership, the company continues to explore and integrate cutting-edge technologies to maintain its competitive edge and cater to its vast consumer base. His contributions and leadership in technology make him a key individual in Pinduoduo's ongoing success and its efforts to innovate within the competitive e-commerce landscape.

Contacts

Address
SHANGHAI
Shanghai
28F, No. 533 Loushanguan Road, Changning District
Contacts
+862152661300.0
www.pinduoduo.com